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Yes. More advanced users can clone an existing Mobile theme file, make modifications and save to the appropriate site directory. Visit the iThemes Codex for more information on creating your own mobile theme.

Is it possible to add sidebars or widgets to Mobile themes?

At this time, the ready-made Mobile themes do not have sidebars or widget areas built in. However, sidebars or widgets can by added by customizing the Mobile theme files.

What is the difference between Mobile and WPtouch?

Mobile is ideal for a quick "drop and go" setup, while WPTouch is designed for more extensive customizations. With Mobile's simple Style Manager, you can easily change basic styles and color schemes for your mobile theme.